Increase The % Of Visitors Who Convert To Customer
Conversion Rate Optimization is the practice of increasing the number of visitors who convert to customers.
Why Does Conversion Rate Optimization Matter?
In 2020, the internet is a virtual arm’s race. Different websites are vying for attention from an increasingly more cynical base of users. How do ensure that you are getting the most value from each visitor to your website?
Simply put, Conversion Rate Optimization allows you to get more out of your existing website Traffic.
If you want to get more sales, likes, signups or new members online, then Conversion Rate Optimization is crucial to your online business or site for your brick and mortar locations.
What’s a Good Conversion Rate for my Industry?
This is tough to answer since each site and industry is different. But a few marketing blogs have aggregated some data for us to talk about.
Wordstream did a fantastic job on CRO by Industry. You can read the whole article here: Wordstream – What is a Good Conversion Rate?
While I recommend the link above, as it’s a great read on CRO and Industry CRO rates.
They have shared the following data with us:
At a glance, you can see that there are some Top Tier sites with staggeringly good Conversion Rates. I wouldn’t compare your new site with those. Please look at the average above for your industry. Finance enjoys the highest conversion rate, while E-commerce has the lowest. If you do not fit into any category above, compare your numbers with the “Overall” column.
Finance enjoys the highest conversion rate, while E-commerce has the lowest. If you do not fit into any category above, compare your numbers with the “Overall” column.
Where do I find my Conversion Rate?
If you are using Google Analytics, getting your conversion rate is easy (assuming you have your Google analytics Goals setup).
To find your conversion rate in Google Analytics:
• In the Left Column go to – Conversions
• select Your Date Range
• Choose your Goal in the Dropdown
• There is your Conversion Rate
My CR % is much higher or lower than the industry standards above?
Keep in mind that each, niche, vertical, website and company will have factors that affect their CR%. This is not a one-size-fits-all dataset. I would recommend using this only as a guide. But before you worry, here’s a few things I would consider:
• What KPIs are you tracking? Conversion rates for Ecommerce Purchases will have different conversion rates than, say a free ebook download.
• Do your customers have a long “evaluation” phase like Business SaaS companies or Expensive High Ticket Items? Conversely, if you have a low ticket item, you may have a higher than normal conversion rate.
• Is there anything about my company that separates me from the peer data set above?
• Am I a new or relatively unknown brand in the marketplace?
• Is my brand facing fierce online competition from a Name Brand competitor?
• All of these are important CRO questions and through experimenting A/B testing and increasing your online web visibility, you can understand how online visitors interact with your site and how to get more of those valuable goal completions on your site.
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